![]() In Australia, Sentinel has more than 1,300 BTR units under various stages of development, including a Perth facility that opened three years ago and a project in Melbourne. Sentinel manages more than $13 billion of real estate assets, including over 26,000 rental apartments. While some super funds including Aware Super, Australian Retirement Trust and AustralianSuper are making inroads into the affordable end of the BTR sector, most of the running is being made by players such as ASX-listed Mirvac, Rich Lister Tim Gurner and Macquarie, along with foreign investors such as Greystar and Oxford Properties, an arm of Canadian pension fund OMERS.Īmong them is Sentinel, one of the world’s major operators of BTR dwellings, known in the US as multi-family. ![]() News of the Sentinel tie-up with PGGM comes amid debate this week over the role that local super funds could be playing in sponsoring the local build-to-rent sector. The partnership between PGGM and Sentinel’s Australian arm aims to develop a national portfolio of approximately 2,500 BTR units, with the first two sites for development already confirmed. ![]() One of Sentinel’s completed BTR projects in Perth. “Their commitment to this venture is a clear vote of confidence in our build-to-rent platform and the future of the sector in Australia,” said Michael Streicker, Sentinel Real Estate Corporation president. The first tranche of PGGM investment will generate more than $700 million in initial development potential for the venture. While Sentinel has a portfolio of BTR projects built and under development in Australia, the commitment from the Dutch powerhouse will supercharge the US group’s roll-out in the local market. This may require a second armpit operation.US build-to-rent giant Sentinel Real Estate has won the backing of Dutch pension fund manager PGGM to create a $1.5 billion portfolio of build-to-rent dwellings in Australia, in one of the largest single commitments to the emerging sector yet.
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